If you’re a company in the insuretech business, you know the insurance business model contains a multitude of players for an insurance company to not only write business but to grow, thrive, and be on the forefront of certain technological trends. Here are some key things to know when looking to connect with a potential partner in the insuretech space.

1.Partners and alliances can fill the gaps.
No software company does everything and anything. Most of the time, software companies seek to solve a specific problem and to solve that problem in a cost-efficient and effective manner. If you can’t do it, you can find a partner in the business that will, thus solving your client’s problems in an easy two birds with one stone solution.

2.Use each other’s strengths

As partners and alliances, seek to play to each other’s strengths. If your partner has a strong marketing presence, ask for tips at your next check in. Partners are in the mindset of, “a rising tide raises all boats” and understand that by ensuring your success, they can also succeed.

3.Consider different structures to work together

The word “partnerships” can have some legal bindings to it which may involve too much paperwork and time for two companies’ lawyers and legal team to work through. Another informal way to structure working together is an alliance. This alliance can mean a simple agreement for simple co-marketing efforts or monthly contact to touch base about forwarding leads and opportunities to each other.

4.Address integration challenges

Address integration challenges in the beginning to avoid any complications during implementation on a project in the future. Any challenges or difficulties can be discussed and resolved earlier in the process for a more efficient and smooth integration later.

5.Create creative co-marketing campaigns

There’s many possibilities to strategize and market each other in different ways. If two or more companies are attending tradeshows, organize a happy hour or social event and introduce each other to prospective clients and partners. With technology, there’s webinars and Q&A group discussions via video chat. White papers and case studies utilizing each other’s technology is also a great tool to capitalize on each other’s capabilities.

Decision Research Corporation is happy and proud to be working with our current list of partnerships and alliances here. We are always looking forward to creating new partnerships or alliances, so if you’re interested in discussing how DRC can align with your business to reach mutual goals, please let us know.

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